1. Buy 23 with a stop of 22.89
There was too much buying near 23 on the bid. The buying was VERY different on the tape. CLDA was still firmly positive for the day. Was this the possible bottom? I kicked some out at 23.60, some above 24 and sold the rest below 23.80.
2. Buy 23.60 with a stop below 23.40
This was a very big intraday level. We spotted a ton of selling here on the tape. CLDA really couldn’t trade above this level for a significant period of time. And then it did.
3. Short CLDA 23.90 with a stop if the bid holds above 23.90
CLDA just could not trade above this level. Then it did but failed above 24. 23.90 resumed very significant selling. Was this the play to load up on the short side and watch a move to below the new lows? 23.20 was an opportunity to cover some. I passed. Eventually I got stopped out for a small loss after being way in the money.
Anyone have a good trade in CLDA to consider?
Mike Bellafiore
Author, One Good Trade
One Comment on “Three Good Trades in CLDA”
From the 10:30 high the stock fell in two legs, the second of which was a three push bull flag and a higher low near 11:30. Buying that nice bull reversal around 23.30 seems like a good risk reward trade. There was even a second entry four minutes later for the really cautious.